Shaftesbury, the Real Estate Investment Trust and owner of a 14.9 acre property portfolio in the heart of London’s West End, has announced its results for the six months ended 31 March 2018.
The firm has over 283 West End pubs, restaurants and cafes across the West End, which remains largely insulated from the economic impact of national short- and longer- term uncertainties and challenges. Trading and footfall remains good across our locations.
Further rental growth was seen, resulting from sustained occupier demand across all uses - vacancy remains low. There was good letting progress with our three larger schemes with 62% now let or under offer.
During the period, the company saw profit after tax increase by 20.8% to £123.7m.
Portfolio investment stood at £132.3m, including acquisitions in Carnaby and Seven Dials (£117.4m) and schemes across 153,000 sq. ft. (£14.9m).
Brian Bickell, Chief Executive, commented, “Our results for the half year ended 31 March 2018, which show continuing growth in rental income, EPRA earnings, and NAV, demonstrate the successful and innovative approach we bring to the management of our portfolio, and the breadth of appeal and resilience of London’s West End.
'The West End economy has been largely unaffected by business and consumer uncertainty following the 2016 EU referendum and the structural challenges facing national retail and restaurant chains. Interest in our space is good and occupancy remains high with occupiers recognising that the West End has a broad appeal to domestic and international businesses and visitors, as well as its large local working population, and a generally less price-sensitive customer base.
'We are confident that our exceptional portfolio, located in the centre of one of the world’s leading global cities, managed by an experienced and enthusiastic team and supported by robust finances, is well-placed to continue to deliver excellent long-term returns for shareholders.”